After Jumo, a company that provides loans to people who do not join African banks, the Asian Frontec scene will be long after the expansion plan on the continent has been disclosed. To throw a ball, Jumo Establishing an office in Singapore, banking giant Goldman Sachs has invested $ 52 million to promote growth.
In the new round Jumo will become an investor of $ 90 million. Goldman is the most important name, but existing funding providers including Proparco belonging to French Development Agency (Finnfund), Vostok Emerging Finance, Gemcorp Capital, LeapFrog Investments were also seen.
Jumo was founded in 2014 and specializes in social impact financial products. This means loan and saving options for those who are outside the existing banking system, especially small businesses. To date, he claims that he has supported 9 million consumers in six African markets and has received over $ 700 million in financing. This company employing about 350 people in 10 offices in Africa, Europe and Asia is part of Google's Launchpad Accelerator last year and CEO Andrew Watkins-Ball, who is engaged in finance and investment for almost 20 years Led by.
Watkins – Ball said Jumo 's experience in Africa is confident that similar services can be offered in Asian markets.
"I grew up in a very difficult garden," he said in an interview. "We have had the first success in Tanzania, probably the most difficult, [financial] Market all over the world. Many of these environments [in Asia] More attractive air. "
Unlike the West where the challenger is about to retire from the bank, Fintech startups in emerging markets are collaborating with existing systems. It's not a problem, it's fairly logical. Banks do not have facilities to deal with customers looking for small loans of hundreds of dollars.